Lighter generates revenue through trading fees charged to takers on its on-chain order book. The protocol retains all fees as revenue.

Lighter is an app-specific zk-rollup (L2) purpose-built for order book trading. It operates its own chain with a custom execution environment, settling to Ethereum. The protocol supports perpetual futures and spot markets with sub-second finality and zero MEV.

Lighter team and investors own and govern the protocol. Lighter's investors include a16z, Lightspeed, Coatue, etc.

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Derivative exchanges

Lighter

# Lighter Trade count Methodology

## 1. Overview

Trade count measures the total number of trades executed on Lighter. This metric tracks how frequently users buy or sell assets through the decentralized exchange's order book. It serves as a primary indicator of liquidity utilization and user engagement across the protocol's perpetual markets. All trade activity is captured and aggregated to provide a comprehensive view of the protocol's transaction frequency.

## 2. Data sources

- **External data**: Daily exchange metrics from the Lighter exchangeMetrics API, covering the Lighter chain

## 3. Step-by-step calculation

### Component A: Exchange metrics ingestion

- **Purpose**: Retrieve raw trade activity data from the protocol's reporting interface
- **Logic**: Trade count data is ingested from the Lighter exchangeMetrics API. For each UTC calendar day, the most recently inserted record is selected to ensure that only the most up-to-date information is used for reporting and to prevent duplicate counts from multiple adapter runs.
- **Key fields**: `trade_count` (number of executions), `timestamp` (event timing)

### Component B: Daily aggregation and zero-filling

- **Purpose**: Finalize the metric by aggregating across markets and ensuring a continuous time series
- **Logic**: Trade counts are aggregated across all perpetual markets to produce a single protocol-level daily value. The resulting values are cast to high-precision numeric formats. To maintain data integrity for time-series analysis, a zero-filling strategy is applied where any dates missing from the source data are populated with a value of zero.
- **Key fields**: `trade_count` (aggregated value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of trades executed on a decentralized exchange.

LighterLIT

Trade count

Trade count

Competitive landscape

Chain breakdown